Robinhood introduces cryptocurrency trading app in Europe

Robinhood’s investment app has officially unveiled its cryptocurrency trading application in the European Union. The app is set to become operational on Thursday, December 7, offering investors access to over 25 coins and tokens, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

In today’s announcement, Robinhood stated that its platform is the only one in the market that provides a percentage repayment of customers’ monthly trading volume in BTC. Additionally, users have the opportunity to earn referral bonuses in Bitcoin.

The commission-free retail broker initially revealed its intentions for European expansion last month. Additionally, it has intentions to introduce brokerage services in the United Kingdom.

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Robinhood also announced that it is gearing up to launch its platform in the U.K. in early 2024, marking its third attempt at international expansion.

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Key features include choosing from 6,000 U.S. stocks and 24-hour trading, available five days a week. 

Initially, Robinhood won’t provide U.K. stocks, but there are plans to incorporate them as the platform expands its product offerings. The U.K. version will not include options and other derivatives at the launch.

Jordan Sinclair, Robinhood’s U.K. chief, anticipates that 24-hour trading will be well-received, enabling users to make trades based on market-moving news.

The company had two previous failed attempts; in 2019, it abandoned its U.K. expansion plans and attributed the decision to surging domestic demand during the Covid pandemic, as interest in retail investing experienced a significant surge.

The following year, Robinhood aimed to acquire the British crypto-trading app Ziglu. Unfortunately, the deal encountered obstacles, leading to Robinhood writing off the value of its investment and reporting a $12 million impairment charge on the unsuccessful transaction.